Adani Group: Adani Group’s Chief Financial Officer Jugshinder Robbie Singh on Tuesday criticized The Ken’s report as misleading.
Adani Group. (file photo)
Adani Group On Tuesday criticized The Ken’s report as misleading. In this report, it was claimed that the Adani Group has not yet repaid the loan of $2.15 billion. These loans belong to the promoters. share pledge were taken away. The group denied this and said that this claim is completely baseless. In fact, The Ken had raised questions in one of its reports regarding the loan repayment of Adani Group. In this, rejecting the claim, it was asked whether Adani Group has repaid its loan of $ 2.15 billion?
According to information received from media reports, Adani Group had told in the beginning of March that it has repaid the share-backed loan of $ 2.15 billion. The group had told that it had made the repair before March 31, 2023.
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Question on this claim of Adani Group
However, The Kane in its report questioned this claim of Adani Group. At the same time, the Adani Group has criticized The Ken’s report as misleading. The group said that Adani has fully repaid the margin linked share backed finance of US$ 2.15 billion. Also, all the respective pledged shares have been released.
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Claim to repay $ 2.15 billion
In the last two months, the group has claimed to have repaid around $2.15 billion, The Kane reports. It announced on 12 March that all of its margin-linked share-backed loans had been repaid. However, The Cane investigation reveals that the banks are yet to issue a substantial portion of their promoters’ shares. As per Indian law, disclosure of issue of shares is required to be filed with the stock exchanges within two working days by the lenders and within seven working days by the promoters. But neither the Adani group nor the lenders have made these disclosures to the stock exchanges.
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Repayment of pledged shares
At the same time, Adani Group said in its response that all the pledged shares have been repaid. Adani Group’s Chief Financial Officer Jugshinder Robbie Singh criticized the report on Tuesday, calling it misleading. Explain that as per the current rules, the information about pledging or release of any share is automatically sent by the SDD (System Driven Disclosure) of the Depository Participant, and no separate filing is required. The same has already been updated and displayed on NSE website.
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